The chart below shows NZDJPY has been bullish since the 19th of March 2020. We have since topped on the 25th of February 2021 and believe we are in a larger corrective pattern.
The larger corrective pattern which we believe is an expanded flat, where the price may reach new highs in a corrective manner. As shown in the chart below we do not have any impulsive action higher we are within our channel.
The move higher is labelled as wave x and we would like to see more downside pressure before considering an entry. The more conservative trade would be to wait for wave y to complete and look for a long position.
Key news events to look out for this week:
Friday 4th of June RBNZ Gov Orr Speaks.
Res: 80.150; 80.522; 81.302
Sup: 79.950; 77.000; 76.662
None of the material published constitutes a trading recommendation of any particular security, portfolio of securities or investment strategy. This should not be taken as personal advice concerning nature, potential, value or suitability of any particular security, portfolio of securities, investment strategy or other matter. Past performance does not guarantee future results.
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